How to make an offer on a house in Illinois.
Writing an offer on a house in Illinois isn’t the same as anywhere else. We use a standardized ~10-page contract called the Multi-Board 7.0, every accepted offer triggers an automatic 5-business-day attorney review, and the price you write at the top of the contract is genuinely just one line of many that matter. First-time buyers often arrive thinking the offer is a number. It isn’t — it’s a structured proposal with earnest money, contingencies, a closing date, inclusions, exclusions, and riders that together determine whether you get the house and on what terms.
This guide walks through the offer in the order it shows up on the actual contract, with Central-Illinois-specific norms (earnest amounts, timelines, what’s “standard” here) so you know what’s negotiable, what’s boilerplate, and where attorney review changes the dynamic of the whole negotiation. If you’ve never written an offer before — or you wrote one in another state and Illinois feels different — start here.
The contract everyone uses — and why that matters.
The Multi-Board Residential Real Estate Contract 7.0 is a roughly 10-page purchase agreement jointly approved by multiple Illinois REALTOR associations — including the Capital Area Association of REALTORS, the Mainstreet Organization, and others. It’s used in nearly every residential transaction across Central Illinois, which means listing agents, buyer agents, attorneys, and title companies are all reading the same standardized document on every deal.
That’s a real advantage. There’s no arguing over “whose form” to use, no surprise terms buried in non-standard language, and attorneys already know every section. Your buyer agent prepares the form, fills in the negotiated terms, and presents it on your behalf.
What the contract covers
- Identity of parties, legal description of the property, and the parcel number (PIN)
- Purchase price, earnest money amount, financing details
- Closing date, possession terms, and prorations
- Inclusions and exclusions (fixtures, appliances, personal property)
- Contingencies — inspection, financing, attorney review, appraisal
- Required Illinois disclosures (lead-based paint, Residential Real Property Disclosure Report, radon)
- Riders attached for special situations (well/septic, FHA/VA, home warranty, etc.)
We’ll walk through the most-negotiated sections below in the order they typically get filled in.
What you write at the top — and what’s underneath it.
These are the headline numbers — the part of the offer everyone instinctively focuses on. They’re important, but they’re also only three lines of a much longer document.
Purchase price
The single largest negotiation point. Your agent should be advising on a price based on comparable sales (recent closed sales within roughly half a mile and the last 90 days), current days-on-market in the area, and how the home is presented. In hot price bands ($150K–$275K across most of our service area), well-presented homes routinely receive multiple offers within 14–30 days and trade at or above ask. In slower bands or rural acreage, there’s more room.
Down payment and financing details
The contract asks for your full down-payment amount, loan type (conventional, FHA, VA, USDA), and lender. Sellers and listing agents do read this — a strong loan letter from a recognized local lender (we work with several in Jacksonville and Springfield) makes a difference in competitive situations. Cash offers go on a separate path with shorter timelines.
Earnest money
Your good-faith deposit. Typical earnest in Central Illinois is $500 to $2,000 on most homes at or below the local median price. On higher-priced properties ($300K+), earnest often scales to roughly 1% of the purchase price. Earnest is held by the listing brokerage or the title company in escrow and credited toward your down payment or closing costs at closing. If you back out for a valid contingency reason, you get it back. If you walk for no valid reason after attorney review, the seller can claim it.
Seller concessions
The request for the seller to credit you a fixed dollar amount or percentage toward your closing costs goes here. Concession requests are common at the lower end of the market and on FHA/VA financing where buyers are stretching cash. They show up in the price calculation — a $200K offer with $5K seller concessions is a $195K offer to the seller’s bottom line.
The clauses that let you walk — and keep your earnest.
Contingencies are the conditions that have to be satisfied for the deal to close. If they’re not satisfied within their stated windows, you have the right to terminate and recover your earnest money. Four contingencies appear on virtually every Central Illinois offer.
Attorney review (5 business days, automatic)
Every Multi-Board 7.0 contract includes a 5-business-day attorney review period that starts the moment both parties sign. During this window, either side’s attorney can propose modifications or terminate the contract outright. We cover this in detail in Section 6 below — it’s the single biggest structural difference between Illinois real estate and a lot of other states.
Inspection (typically 5–10 business days)
You hire a licensed home inspector to assess the property’s condition. The inspection report drives the next round of negotiation — repair requests, credits, or in rare cases termination if major issues turn up. Most “small” negotiations on Illinois deals happen here, often resolved through credits at closing rather than seller-completed repairs.
Financing (typically 30–45 days)
Time for your lender to complete underwriting, appraisal, and final loan approval. If your loan is denied through no fault of your own (income/employment changes, appraisal shortfall), this contingency lets you exit with earnest intact. Don’t make any major credit moves between contract and close — no new credit cards, no car loans, no job changes.
Appraisal (default with financing)
Your lender orders an appraisal. If the home appraises below your offer price, you have options: negotiate a price reduction with the seller, bring extra cash to close the gap, or terminate. In appreciating markets, low appraisals happen more often than buyers expect.
Sale of current home (uncommon)
If you need to sell your existing home before you can close on this one, this contingency makes the deal contingent on that sale. Sellers don’t love it — it weakens your offer significantly versus a non-contingent buyer. In competitive markets it often kills the deal. In slower rural markets it’s sometimes accepted.
When the deed transfers — and when you actually move in.
Two dates that aren’t always the same. Most buyers assume they get the keys at closing. Usually true — but in Illinois it’s negotiable, and the seller’s situation often dictates the answer.
Closing date
Standard closing in Central Illinois runs 30 to 45 days from contract acceptance. That window gives your lender time to finish underwriting, the title company time to clear title, and both attorneys time to prepare. Cash offers can close in as little as 14 days. Sellers sometimes ask for longer (60–90 days) if they’re waiting on their own purchase to close — that’s negotiated.
Possession at closing (the default)
Most deals transfer possession the day of closing. Seller hands over keys, garage door openers, and any mailbox keys at the closing table.
Possession after closing (rent-back)
When sellers haven’t found their next place — common in tighter markets or where they’re building new construction — they may request to stay in the home for 30 to 90 days after closing as a rent-back. This is documented in a separate agreement with daily occupancy charges. From the buyer side, it’s worth considering: it can make your offer more attractive in competitive situations, and the rent payment often covers your first month’s mortgage. From the seller side, it removes the pressure of finding a place to land between closings.
Possession before closing
Almost never recommended. If the deal falls apart with the buyer already moved in, eviction-style remedies are slow and messy. Listing agents will push back hard on this and they’re right to.
The offer is a contract negotiation, not a price. The price part is just one line in a 10-page document.
The Apex Realty Team
What stays, what goes — and the riders that get attached.
Real estate transfers in Illinois include “fixtures” by default — anything bolted, wired, or plumbed to the structure stays. Beyond that, the contract has explicit boxes for what’s included and what isn’t, and disputes about a missing washing machine are extremely preventable if the offer is detailed.
What typically stays (inclusions)
- All kitchen appliances bolted or built in (range, dishwasher, microwave, disposal)
- Refrigerator, washer, and dryer if checked on the contract (not automatic — get this in writing)
- Window treatments — blinds, shades, and curtains, including the rods
- Light fixtures, ceiling fans, and any mounted TVs (mounts only if specified)
- Garage door openers and remotes, mailbox keys, smoke and CO detectors
- Pool equipment, hot tubs, sheds, and other outbuildings if on the property
- Water softeners, reverse-osmosis systems, and security/camera systems if installed
What typically doesn’t (common exclusions)
- Free-standing freezers, deep freezers, wine fridges
- Family heirloom light fixtures (chandeliers especially) — sellers often swap before listing
- Outdoor planters, statuary, fire pits that aren’t permanent
- Wall-mounted shelving or specialty storage in some cases
If you saw it during the showing and you want it, write it in. The contract doesn’t read your mind.
Riders attached to the contract
Riders are supplemental forms attached to the Multi-Board 7.0 to handle special situations:
- Well & Septic Rider — Required for rural properties on private well and/or septic. Triggers separate inspections and tests (potability, flow rate, septic functionality).
- Lead-Based Paint Disclosure — Federally required on any home built before 1978.
- FHA/VA Financing Rider — Adds appraisal-shortfall language specific to those loan programs.
- Home Warranty Rider — When buyer or seller is paying for a 12-month home warranty as part of the deal.
- Escalation Rider — Caps and increments for an escalation clause when you’re competing with other offers.
- Radon Testing Rider — Illinois requires radon disclosure; testing is buyer’s option but very common.
Why “accepted” isn’t really accepted — for 5 business days.
This is the single biggest structural difference between an Illinois real estate transaction and most other states. Once both parties sign the Multi-Board 7.0 contract, a 5-business-day attorney review period begins automatically. During this window, either side’s attorney can:
- Propose modifications to specific contract terms
- Object to terms in writing
- Terminate the contract on behalf of their client
If neither attorney objects, modifies, or terminates within the 5 business days, the contract becomes binding on the terms as written. If your attorney terminates during the window, you walk away with your earnest money intact — no penalty, no questions.
What actually happens during attorney review
In practice, most attorney reviews are uneventful — small language tweaks, confirmation of inspection and financing dates, occasional minor riders. The drama comes later, after the inspection.
The inspection negotiation
The home inspection usually happens within the first week after acceptance. Once the report comes back, the buyer’s attorney typically sends an “inspection response letter” requesting repairs or credits. This is where most “small” negotiations on Illinois deals actually happen — a credit toward closing for a worn furnace, a seller-funded sewer scope, a price reduction to address a roof issue. These are normal and expected. First-time buyers (and first-time sellers) sometimes panic at the first counter — don’t. It’s the process working as designed.
Buyer takeaway
Have an Illinois real estate attorney lined up before you write the offer. Your agent will recommend several. Attorney fees in Central Illinois typically run $400–$700 for a standard residential closing — modest insurance for the legal complexity they handle on your behalf.
Seller takeaway
Accepted offers occasionally fall apart in attorney review or after inspection. It’s frustrating but not unusual. Strong offers from pre-approved buyers with realistic contingencies are the ones that close.
A real offer is built, not blurted.
The buyers who get the houses they want in Central Illinois aren’t always the highest bidders. They’re the ones whose offers are clean — realistic price, appropriate earnest, sensible contingency timelines, a strong pre-approval letter, and as few non-standard demands as possible. On the other side, the sellers who keep their deals together are the ones who understand attorney review is normal, inspection negotiations are normal, and a small credit at closing is almost always better than restarting the listing process from scratch.
If you’re a first-time buyer reading this and feeling like the Multi-Board 7.0 contract is a lot to absorb — it is. That’s exactly what your buyer agent and your real estate attorney are for. The contract is standardized so professionals can move through it efficiently, leaving you to focus on the decisions that actually require your judgment: which house, what price, what contingencies, what closing date works for your life.
For a tour of what’s actually on the market in the price band you’re considering, our $200K guide to Central Illinois walks town by town. For neighborhood-specific advice, talk to an Apex agent directly. We’re based at 1515 W. Walnut in Jacksonville and reachable at 217-960-8474.
Talk to an Apex agent before you sign anything.
Tell us the house, the price band, and the timeline. We’ll walk through the contract, recommend an attorney, line up your inspection, and make sure your offer is built to win — and to close.
Making an offer in Illinois.
What is the Multi-Board 7.0 contract in Illinois?+
The Multi-Board Residential Real Estate Contract 7.0 is a standardized roughly 10-page purchase contract jointly approved by multiple Illinois REALTOR associations. It’s used in nearly every residential transaction across Central Illinois and covers price, earnest money, contingencies, closing terms, inclusions, attorney review, and required disclosures in a uniform format that every local agent and attorney already knows.
How much earnest money should I put down in Central Illinois?+
Typical earnest money in Central Illinois runs $500 to $2,000 on most residential deals at or below the local median price point. On higher-priced homes ($300K+) earnest often scales to roughly 1% of purchase price. The funds are held in escrow by the listing brokerage or title company and credited toward your down payment or closing costs.
Can I back out of an offer in Illinois?+
Yes — during the 5-business-day attorney review period, either side’s attorney can modify or terminate the contract without penalty. After attorney review ends, your contingencies (inspection, financing, appraisal) are your main exit points. Backing out without a valid contingency typically forfeits your earnest money to the seller.
What contingencies should I include in my offer?+
The four standard buyer contingencies in Illinois are attorney review (5 business days, automatic on Multi-Board 7.0), inspection (typically 5–10 business days), financing (typically 30–45 days), and appraisal (default included with financing). Sale-of-current-home contingencies exist but weaken your offer significantly and are uncommon in competitive markets.
How does an escalation clause work?+
An escalation clause says your offer automatically beats any competing bona-fide offer by a set increment (e.g., $1,000) up to a stated cap. If a seller receives a higher competing offer with proof, your offer escalates to outbid it up to your maximum. Escalation clauses require documentation of the competing offer and are typically attached as a rider to the Multi-Board 7.0 contract.
Who writes the offer — my agent or my attorney?+
Your buyer’s agent prepares and presents the offer using the Multi-Board 7.0 contract. Your attorney enters during the 5-business-day attorney review period after acceptance to review terms, negotiate inspection-based credits, and finalize the legal language. In Illinois, real estate attorneys handle the legal side of closing — your agent handles strategy and negotiation.
What happens after my offer is accepted?+
Once signed by both parties, the 5-business-day attorney review clock starts. You’ll schedule your home inspection (usually within the first week), apply for or finalize your mortgage, and your earnest money gets deposited into escrow. Most negotiations after acceptance happen during attorney review — repair credits from inspection findings, minor contract tweaks. Closing typically occurs 30–45 days from acceptance.
This article is educational information about Illinois residential real estate practices and is not legal advice. Contract terms, timelines, and customary practices vary by transaction. Always consult a licensed Illinois real estate attorney before signing any purchase contract. Apex Realty — 1515 W. Walnut, Jacksonville, IL 62650 · 217-960-8474.